Facebook Credited as Best Social Payment System

Facebook Credits offer the best social payment solution for media content vendors, according to research by Global Intelligence Alliance. Based on an interview of 10 large social media and game developers in the US, Europe and Asia, the research found that most payment options are considered unsatisfactory in handling microtransactions on social media or games.

Developers said that mobile operators take too long to process payments, sometimes with a delay of up to two months. Credit card payments, meanwhile, are reliable but attract privacy concerns, and are not always practical for customers who dont have credit card accounts. And banks, according to the developers, simply haven’t taken the time to understand the market.

Overall, developers want payment systems which are global, easy to integrate into social media platforms, and which provide a minimum barrier to entry for new users. Other priorities include one-click payment on mobile devices, the ability to handle micro-transactions in large numbers, and payments that bypass the need to set up credit card or bank accounts.

Facebook Credits was preferred by developers for addressing these concerns, and offering a universal platform, where virtual and digital goods can be purchased through a variety of channels including PayPal, mobile phones, credit cards, and – in some countries – bricks and mortar stores.